Abstract:

Islamic finance has been showing growth in turnover for several decades, and most experts predict positive dynamics in the future. This is due to several factors, in the first place, the rapid growth of the Muslim population, which is growing at a significant rate and by 2050 will amount to 2,494 million people. Also, in addition to the population, the economic power of the Muslim states is also growing, which is expressed in the growth in the volume of GDP that is created in the Muslim states. The data reflecting the GDP indicator shows that compared to 1913, the GDP of the Muslim world has grown from 1.5% of the world GDP in 1913 to 10.2% of the total GDP in 2011. At the same time, in a number of Muslim countries there are problems associated with various political and social crises that periodically occur in Muslim countries. In several countries such as Syria, Afghanistan, Iraq, there is a civil war. This hinders the development of Islamic finance and the economy in general. The COVID-19 pandemic has had a huge impact on economic development. In this regard, it is relevant to assess the current state and possible new areas of activity of Islamic financial organizations in the world economy.